Options/AFRM

AFRMAffirm Holdings, Inc. Class A Common Stock

Options Analysis Report•PERSONAL CREDIT INSTITUTIONS

Market Cap $26.2B|NASDAQ

● 2026-08-31$77.76

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -5.4%YTD +5.0%7D +1.1%

Options Vol

119,386

30D

Implied Move

±14.6%

IV Rank

AFRM Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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AFRM Gamma Walls

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Value

Is IV priced right?

7.5

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 76.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 41% — below sector median

Term Structure

<1.1x

Front/Back 0.94x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 49.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 80.5% (ATM 49.9% + spread 15.3% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 23.00% (spread 15.32% + slippage 7.68%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 5.53 (vega 8.470 / spread 15.32%) — acceptable

Sentiment

Bullish or bearish?

6.2

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +7%, Raw: +2%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +7% (neutral) — Raw: +2%

OI Skew Magnitude

≥15%

|OI skew| 2.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +39.3%, OI skew -2.4% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +18%, ATM: +9%, OTM: -1% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 44% — bullish vs sector

Activity

Unusual activity?

7.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed

Volume Surge

≥1.5x

Volume 6.2x avg — hot

Turnover Rate

≥15%

Vol/OI 46.9% — high turnover

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +25.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 99% — very active vs sector

Trade Quality

≥30%

Large trade volume 19% — mixed

Execution Urgency

≥60%

Aggressive execution 28% — patient

Flow Conviction

≥30

Conviction +7 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.9

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 15.3% — wide

Adequate OI

≥10,000

OI 254,739 — deep

Active Volume

≥500

Volume 119,386/day — active

Reasonable Cost

≤$0.50

$0.77 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 65% — wider than sector

Order Book Depth

≥100 contracts

Depth 201.0 contracts (bid:97.0 ask:104.0) — adequate

Execution Quality

<1.0%

Avg slippage 7.68% — poor

Timing

Is now a good time?

7.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -5.9% — contango

IV Percentile Clarity

<30 or >70

IV percentile 76% — seller opportunity

Event Detection

≥10pts kink

IV kink 0.7pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 99.41 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +7% @ 53% consistency — unclear

Smart Money Timing

≥40 composite score

Score 49 (ITM 20% + inst 19%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.4

bullishIV cheap, bullish flow

Long Puts5.6

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.8

bullishIV too cheap, bullish flow

Covered Call3.9

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on AFRM

AFRM gamma walls AFRM max pain AFRM IV rank AFRM options flow